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  "docSlug": "f687a225f056",
  "documentTitle": "Enfusion, Inc. (ENFN)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2024-03-14 00:00:00",
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  "notes": "The slide uses red boxes to highlight specific periods of concern regarding growth rates in revenue vs. accounts receivable.",
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      "bbox": null,
      "kind": "callout",
      "text": "Unbilled receivables are growing and Enfusion recently removed reference to them being due within one year.",
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      "text": "Accounts Receivable",
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      "kind": "paragraph",
      "text": "Spruce Point finds it alarming that during the period where the CFO and CRO resigned, revenues continued to grow while accounts receivable started to decline. Enfusion has not recorded abnormal receivable charge offs.",
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      "text": "1) Included within accounts receivable and generally due within one year as disclosed in the 2022 10-K. However, the 2023 10-K ceased this disclosure. Source: ENFN SEC filings",
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      "text": "Enfusion's Revenues vs. Accounts Receivables table",
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      "kind": "title",
      "text": "Major Red Flag: Growing Revenue, Declining Accounts Receivable",
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